Financial Savvy Ways to Put Your Taxes to Good Use

Receiving a tax refund can feel exciting, but deciding how to make the most of it can be tricky. One common mistake is splurging on shopping. In this guide, we’ll explore smart ways to use your refund for a secure financial future. Understanding your refund helps you make informed choices—whether it’s saving, investing, paying off debt, or making big purchases.

1. Combat Debt

One smart way to make good use of your tax refund is by settling debt. Prioritize high-interest debts and think about strategies like the snowball method or debt consolidation. Clearing off credit cards can save on interest and boost your credit score. You can also concentrate on student loans, mortgages, or car loans. These steps can lead to enduring financial stability.

2. Building a Financial Foundation

Creating a solid financial base is pivotal for long-term financial triumph. You can employ your tax refund to establish an emergency fund, a safety net for unforeseen expenses. Adopting a habit of saving can shield you from financial hardships. Setting clear financial goals and milestones can keep you committed. Each step towards financial improvement is a stride towards a better future.

3. Maximizing Retirement and Insurance Benefits

Enhancing your retirement and insurance benefits is a wise move. Contribute to a tax-advantaged retirement account like a 401(k) or an IRA, diversify your investments, and leverage employer match programs. Safeguard your future with life insurance and explore options like health, disability, and long-term care insurance. Understanding pre-payment options for loans can also be advantageous.

4. Investing in Your Future

Investing your tax refund can lead to growth and wealth creation. Learn the basics of the stock market, start with small investments, and diversify your portfolio. At Zing, we offer a variety of short-term and long-term savings accounts. Consult with a financial advisor or one of Zing’s financial coaches to tailor an investment plan to your needs.

Effective financial management involves making smart choices. Budgeting, managing expenses, and seeking professional advice can help. At Zing, we offer tools and resources to help you make informed decisions and maximize the potential of your tax refund. We support you in planning tax strategies and showing you how to get more tax back. We’re here to guide you on the financial savvy ways to put your taxes to good use.

Truth In Savings Disclosure

TRUTH IN SAVINGS DISCLOSURE

Except as specifically described, the following disclosures apply to all the accounts.

Rate Information. The dividend rate, or interest rate, and annual percentage yield on your accounts are set forth on the reverse side. The annual percentage yield is a percentage rate that reflects the total amount of dividends/interest to be paid on an account based on the dividend/interest rate and frequency of compounding for an annual period. For Certificates of Deposit and IRA Certificates of Deposit, the interest rate and annual percentage yield are fixed and will be in effect for the term of the account. The annual percentage yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
Compounding and Crediting. Interest and dividends will be compounded and credited as set forth on the reverse side. The dividend/interest period for each account is also set forth on our Rate and Fee Schedule. The dividend/interest period begins on the first calendar day of the period and ends on the last calendar day of the period.
Balance Information. The minimum balance required to open each account is set forth. Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Accrual of Dividends. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on noncash deposits (checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
Account Limitations. The account limitations for each account are set forth in our Membership and Account Agreement
Your account will mature on the maturity date set forth on your account receipt or renewal notice.
Early Withdrawal Penalties. A penalty may be imposed if you withdraw any of the certificate funds before the maturity date or the renewal date, if this is a renewal account.
Amount of Penalty. For Certificates of Deposit and IRA Certificates of Deposit the amount of the early withdrawal penalty for your account is 90 days’ interest for a term of 12 months or less, and 180 days’ interest for a term over 12 months.
How the Penalty Works. The penalty is calculated as a forfeiture of part or all of the interest that have been earned on the account. This penalty applies to earned interest and principal.
Renewal Policy. Certificate of Deposit accounts will automatically renew for another term upon maturity. You have a grace period of seven days in which to change or withdraw the funds without being charged an early withdrawal penalty.
Exception to Early Withdrawal Penalties. At our option, we may redeem the account before maturity without imposing an early withdrawal penalty under the following circumstances:
- When an account owner dies
- or is determined legally incompetent by a court
- or other body of competent jurisdiction.
Nontransferable / Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner except obligations with the Credit Union.
FEES FOR OVERDRAWN ACCOUNTS. Fees may be imposed on each check, draft item, ATM card withdrawal, debit card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft or item. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit. Please refer to the Rate and Fee Schedule for current fee information.

Checking Comparison Chart

Compare Checking Accounts

Preferred Checking

Clear Card

Second Chance Checking

Minimum Opening Balance

Suggested opening amount- $25

ID Safe Choice Charge Possible

Yes

Direct Deposit

Accepted and encouraged

Dividends Paid

Privilege Pay

Available after 90 days

Overdraft LOC

Available immediately, with approved credit

ATM/Debit Card

Instant Issue

Shared Branching

Available

Free Bill Payer